Q & A only re March Quarterly, page-346

ANSWERS FROM QBL MANAGEMENT

Hi guys,

We continue to read posts that indicate that people are not fully understanding the reason for the delay.

Sholom, sent me this response to help our shareholders and interested parties.

Q: Why is this approval process taking so long? Are there any outstanding issues with the paperwork that is causing a delay?

A: Like our shareholders, we are also in 'waiting mode' for an answer from the ASX regarding the formalisation (signing-off) process to be completed. We have structured the acquisitions in accordance with the requests made of us by the ASX, and no further requests have been made of us from the ASX. There are no outstanding issues with our paperwork that we are aware of. We have submitted the final detailed announcement with all the detailed information that the ASX requested from us and in the format requested, and the ASX have since been reviewing internally for final sign off. They have a detailed internal approval process which we need to respect. We, unfortunately, do not control the timing of the ASX approval process and we have not received back word from the ASX yet on the formal final approval of the announcement or on the expected timing of the finalization of their review. Once the announcement is released, it will be understood why it took so long. As mentioned yesterday, the wording of our interim update announcements have been deliberate, and are heavily scrutinized by the ASX to ensure that they are succinct and do not carry 'any' detail or an 'explanation' that can not yet be released without the ASX approval. We do expect to hear from the ASX any day now, as soon as we do hear back from the ASX we will inform our shareholders, and we look forward to recommencing trading on the ASX platform.

Sholom Feldman